Global banking giant HSBC has avoided a hefty fine despite allegedly sending inaccurate and incomplete data through Australia’s budding economy-wide data sharing scheme.
The bank paid penalties of $33,000 after the consumer watchdog announced on Tuesday that it had issued HSBC with two infringement notices for failing to disclose complete mortgage interest rate details and accurate credit card balances.
The penalty for breaching consumer data right (CDR) rules was the maximum available at the time of the alleged contraventions last year for a corporation not listed in Australia. HSBC is listed on the London Stock Exchange.
Want to know how this story ends?
Become a subscriber for complete access to all stories on InnovationAus.com and our daily newsletter.
Do you know more? Contact James Riley via Email.